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Institutional FX

Neil Phillips FX Case Puts Morgan Stanley in the Limelight

  • The Co-Founder of Glen Point Capital faces trial for allegedly defrauding Morgan Stanley in FX trades.
  • The case highlights the bank as the purported victim, raising questions about its conduct in the FX market.
Monday, 16/10/2023 | 13:21 GMT by Damian Chmiel
Institutional FX

London Court Rebirths $3.46B Forex Scandal. Second Chance for Justice

  • A London court has reanimated a lawsuit against top banks over alleged FX manipulation.
  • The topic of forex 'cartels' operating since 2003 returns again.
Tuesday, 25/07/2023 | 10:54 GMT by Damian Chmiel
Institutional FX

Credit Suisse to Face Class-Action Lawsuit in the US for FX Rigging

  • The bank was a part of a cartel. However, the other 15 banks settled with investors.
  • Several traders of the bank allegedly shared non-public price information in chat rooms.
Wednesday, 02/02/2022 | 11:55 GMT by Arnab Shome
Regulation

Former JPMorgan Trader Convicted of Price Fixing in FX Market

  • Akshay Aiyer was a former Executive Director at JPMorgan.
Thursday, 21/11/2019 | 06:16 GMT by Celeste Skinner
Regulation

London Court Hears £1B Forex-Rigging Case Against Five Banks

  • Scott + Scott, which led the litigation that generated $2.3 billion in US, is representing the investors in the UK lawsuit.
Tuesday, 05/11/2019 | 20:36 GMT by Aziz Abdel-Qader
Regulation

FX Trader Sues Citi for Framing Him to Appease Regulators

  • Seeking $112 million, Ramchandani is the latest FX trader to sue Citi in the aftermath of the market-manipulation scandal.
Wednesday, 02/10/2019 | 15:59 GMT by Aziz Abdel-Qader
Regulation

Court Dismisses Some FX Rigging Claims Against Credit Suisse

  • The investors believe the banks manipulated either the price for bids, offers, or spreads for currency spot trades.
Wednesday, 04/09/2019 | 20:34 GMT by Aziz Abdel-Qader
Regulation

Canada Regulator Fines RBC and TD Bank $24M in FX Rig Cases

  • FX traders at both banks shared trade sizes, timing, price, stop-loss levels in chatrooms
Friday, 30/08/2019 | 16:35 GMT by Aziz Abdel-Qader
Regulation

South Africa Regulators Need More Proofs in Rand Rigging Case

  • The competition tribunal also refused request to dismiss the cases against banks because of lack of evidence
Wednesday, 12/06/2019 | 15:28 GMT by Aziz Abdel-Qader
Regulation

Maurice Blackburn Launches Suit Against FX ‘Cartel’ Scandal

  • UBS, Royal Bank of Scotland, JPMorgan, Citibank, and Barclays were named in the class action.
Monday, 27/05/2019 | 06:47 GMT by Celeste Skinner
Regulation

Global Banks Hit by EU Antitrust Fines on FX Abuses

  • While the EU’s investigation has lagged behind, other regulators imposed up to $10 billion in penalties.
Thursday, 09/05/2019 | 20:02 GMT by Aziz Abdel-Qader
Regulation

‘Cartel’ Traders Walk Free After Cleared in Forex Rigging Trial

  • The London-based trio allegedly created a chat group to manipulate the prices of currency exchange rates.
Friday, 26/10/2018 | 20:18 GMT by Aziz Abdel-Qader
Regulation

Former London-Based Forex Traders Wait for Verdict on Collusion Charges

  • The defense of the three accused men argued that their chats did not break the law.
Friday, 26/10/2018 | 07:09 GMT by Celeste Skinner
Regulation

Ex-Barclays FX Trader Urges Court to Toss HP Front-Running Charges

  • Prosecutors allege Bogucki placed trades ahead of HP sales to depress the price of the company’s options.
Monday, 30/07/2018 | 17:18 GMT by Aziz Abdel-Qader
Regulation

Ex-HSBC FX Trader Mark Johnson Released on Bail, Returns to UK

  • Johnson was sentenced to two years in prison in April for devising a scheme to manipulate the price of the British pound.
Wednesday, 27/06/2018 | 18:54 GMT by Aziz Abdel-Qader
Regulation

Deutsche Bank Fined $205 Million by NY Regulator over Forex Violations

  • The US authorities opened its FX probe of Deutsche in 2014, focusing on conduct using their electronic trading platforms.
Wednesday, 20/06/2018 | 19:45 GMT by Aziz Abdel-Qader
Regulation

Brazil Watchdog fines Morgan Stanley, RBC Fined $11M for Rigging Real Spreads

  • In 2015, Cade accused a total of 15 banks of colluding to manipulate benchmark currency rates in Brazil.
Wednesday, 13/06/2018 | 21:35 GMT by Aziz Abdel-Qader
Regulation

Goldman Sachs Fined $110 Million to Settle New York FX Probe

  • Goldman's traders shared confidential ‎information about FX orders placed by a customer referred to as “Satan.”
Tuesday, 01/05/2018 | 20:27 GMT by Aziz Abdel-Qader
Regulation

FX Rigging Trial to Begin Next Year in South Africa as Regulator Needs More Time

  • The South African watchdog will allow the legal processes initiated to run ‎their course early 2019‎.
Wednesday, 25/04/2018 | 16:33 GMT by Aziz Abdel-Qader
Regulation

London ‘Cartel’ Traders Petition US Court to Dismiss FX Rigging Charges

  • The indictment accuses the trio with conspiring to restrain trade from ‎the end of 2007 through the beginning of 2013.‎
Tuesday, 27/03/2018 | 17:01 GMT by Aziz Abdel-Qader
Regulation

BNP Paribas Agrees to $90 Million Penalty in Settlement over Rigging of FX Markets

  • The move makes BNP one of the last big banks to reach a settlement for FX ‎rigging. ‎
Friday, 26/01/2018 | 17:06 GMT by Aziz Abdel-Qader
Regulation

Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market

  • In one example cited by DFS, traders in the bank's eFX unit used algorithm to front-run clients' stop-loss orders.
Monday, 13/11/2017 | 21:13 GMT by Aziz Abdel-Qader
Regulation

Ex-HSBC FX Trader Mark Johnson Found Guilty of Rigging $3.5 Billion Deal

  • A second Briton, Stuart Scott, who left HSBC in 2014, was named alongside Johnson as accused of the same crimes.
Monday, 23/10/2017 | 18:14 GMT by Aziz Abdel-Qader
Regulation

Federal Reserve Fines HSBC $175 Million for 'Unsafe FX Trading’

  • The UK lender had insufficient oversight and controls over its FX traders.
Friday, 29/09/2017 | 17:32 GMT by Aziz Abdel-Qader
Regulation

Deutsche Bank Agrees $190 Million Settlement in US FX Rigging Lawsuit

  • Deutsche Bank joins a line of global banks that have settled this year.
Friday, 29/09/2017 | 16:13 GMT by Aziz Abdel-Qader
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